By Francine Maglione
When it comes to coughing up payment to your basement contractor, things can go sour quickly. Is the contractor going to take your money and run? Are you stiffing an honest contractor out of hard-earned money? Too often, the problem lies with the contract and a vague description of payment terms and conditions.
Tim Carter of “Ask the Builder” believes that the best way to pay a contractor is to agree on periodic payments that are based on the amount of work completed. Carter advises against paying for work that has not been performed and recommends getting a breakdown of costs from the contractor before the job begins.
You must also remember to always have enough money to complete the unfinished tasks so you aren’t left with bills you can’t pay and an incomplete job. One suggestion Carter makes is to use a tiebreaker clause in your contract. This has the parties agree on an independent inspector who will give a ruling on the quality of the work done and settle any disputes between the contractor and homeowner.
To read more about Tim Carter’s tips for paying a contractor, check out these “Ask the Builder” columns: